W. Peden

Great post. Occasionally, one comes across an article which makes every last fallacy!

Justin Irving,

I’d go broader and say that the price of money is the price level as a whole, not just the prices of final goods. In short, the price of money what you have to give up to get money. Money is cheaper where the price level is higher and more expensive where the price level is lower. David Friedman made this point very well in an old textbook.